SBA Reports Third Highest Lending Year
The SBA said Oct. 29 it supported more than $29 billion in lending to small businesses this fiscal year, making 2013 the third highest in lending activity in the agency's history.
During the fiscal year which ended Sept. 30, the SBA said, loan approvals supported $29.6 billion (54,106 loans) to small businesses in its two main loan programs, 7(a) and 504, compared to $30.3 billion (53,848 loans) in FY 2012 and $30.5 billion (61,689 loans) in FY 2011.
The agency said streamlining its Small Loan Advantage program, designed to expand access to loans under $350,000, increased the number of lower-dollar SBA 7(a) loans going to small businesses and entrepreneurs in underserved communities.
In FY 2013, the SBA said, it backed almost 5,000 loans for nearly $745 million through the SLA program.
The agency's CAPlines program, which provides working capital lines of credit designed to help small businesses with their short-term working capital needs, saw a successful year in part because of measures to streamline loan processing, the SBA said.